ATIF Holdings Limited Expects Box Office Revenue to Hit Over $1 Million in Q3 2020 As Its Cinemas Officially Resume Operation from August 5
ATIF Holdings Limited (Nasdaq: ATIF) announced that its majority-owned subsidiary, Leaping Group Co., Ltd. (LGC), has fully resumed cinema operations in Northeast China as of August 5, 2020. With the reopening, LGC anticipates box office revenue exceeding $1 million in Q3 2020. The revival follows a gradual increase in ticket bookings since July, aided by government approvals for cinema operations. Several blockbuster films, including 'The Eight Hundred,' are set for release, promising significant growth in the second half of the year for ATIF and LGC's film-related segments.
- Full resumption of cinema operations by LGC in Northeast China.
- Expected box office revenue to exceed $1 million in Q3 2020.
- Strong performance anticipated in film advertising and promotion sectors.
- None.
SHENZHEN, China, Aug. 5, 2020 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a company providing business consulting and multimedia services in Asia, today announced that its majority-owned subsidiary, Leaping Group Co., Ltd. ("LGC"), a leading multimedia, advertising and theatre operating firm in Northeast China, has fully resumed operations of its cinemas with all new films also getting released from 5 August, 2020, as officially informed by local officials.
LGC is the cinema operator that owns the most (four cinemas) number of film theaters in Shenyang, capital city of Liaoning Province, and the Company expects LGC theaters' box office will hit over
Mr. Bo Jiang, the Chairman of LGC commented, "China's film industry gradually regained vitality since 20 July when we see a stable increase in the volume of online ticket booking after the central government gave green light to allow cinemas to reopen across the country. The upcoming National Holiday is also one of the most important periods for China's film industry over the year. A lot more new blockbuster films will announce their screening date in August and September which are likely to be scheduled during this important period. We can expect that we will see great growth on theatre operation business in the second half of this year."
A series of high-quality Chinese and international films are scheduled to be screened, including but are not limited to: The Eight Hundred, Bad Boys 3, Sonic, 1917, Interstellar and Ford v.Ferrari, among which "The Eight Hundred" was also being tagged as the "light" of the post-pandemic resurgence of China's film industry. Some commentators even believe The Eight Hundred is the most prominent and meaningful film of the year, if it was not due to Covid-19 that forced the film to postpone its screen date as cinemas nationwide were shut down since early 2020, it's box office could yield RMB5 billion this year. Now it has set the box office goal at RMB3 billion this year, which shall send positive signals for promising revenue growth to the Chinese film industry.
About ATIF Holdings Limited
Headquartered in Shenzhen, China, ATIF Holdings Limited ("ATIF") is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.
Forward-Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.
For more information, please contact Investor Relations at:
EverGreen Consulting Inc.
Janice Wang
+86-13811768559
+1-908-510-2351
IR@changqingconsulting.com
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SOURCE ATIF Holdings Limited
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